The global corrosion inhibitors market is expected to reach USD 9.59 billion by 2024, according
to a new report by Grand View Research, Inc. Rising spending on the
construction sector in various countries including China, U.S., Mexico, Qatar,
UAE, India, Singapore, and Vietnam is anticipated to augment corrosion
inhibitors demand over the forecast period. Growing usage in reinforced
concrete as they increase the service life of structures, preserve
architectural aspects, protect against possible concrete damage, and reduce
future maintenance costs is expected to drive growth over the next eight
years.
Increasing power generation through nuclear
sources in various countries including China, UK, South Korea, and India will
drive product demand over the forecast period. Increasing usage in automobiles
as they improve structural integrity and appearance of the vehicle underbody
parts is expected to promote industry development in the near future.
The introduction of environmentally
friendly nanocomposites as corrosion inhibitors will open new opportunities for
growth over the forecast period. Major industry participants are involved in
the research and development of high-performance, bio-based inhibitors to
satisfy environmental regulations while meeting industry requirements.
Metal processing will witness significant
revenue growth at a CAGR of 5.7% from 2016 to 2024. Growing mining and metal
processing industries in China, Australia, Taiwan, Indonesia, and India will be
a key factor for market development. In addition, rising corrosion inhibitors
demand in metal processing equipment as they protect them from high-temperature
and corrosive environments during heat treatment and finishing of metals, will
propel market growth over the forecast period.
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http://www.grandviewresearch.com/industry-analysis/corrosion-inhibitors-market
Further key findings from the report
suggest:
· Organic inhibitors are expected to witness
rapid revenue growth at a CAGR of 5.7% from 2016 to 2014 in light of its
increasing usage in oil & gas sector as they form a protective film over
the metal surface when mixed with media having a high hydrocarbon content. In
addition, rising usage in crude oil transportation pipelines as they improve
the oil wettability of steel and reduce corrosion rate will propel market
expansion over the forecast period.
· North America will witness profitable
growth at a CAGR of 4.7% in terms of revenue from 2016 to 2024 on account of
growing hydropower generation in the electric power sector along with
utility-scale solar capacity additions in California, Nevada, North Carolina,
Texas, and Georgia. Moreover, rising government spending in petrochemical &
refinery industry will stimulate demand over the forecast period.
· MEA was valued at USD 250.9 million in 2015
and is expected to witness a significant rise in light of the presence of
several oil & gas reserves along with increasing infrastructural
development in various countries including South Africa, Saudi Arabia, Egypt
and UAE.
· The global corrosion inhibitors industry
was highly fragmented and dynamic in nature and characterized by mergers &
acquisitions by major companies to increase overall presence. Major players
include Ecolab, Ashland, BASF, Lubrizol Corporation, DuPont and GE Water. In
March 2015, Dorf Ketal launched high TAN crude corrosion inhibitor TANSCIENT
and possess superior thermal stability and oil solubility and reduces the risk
of phosphorus fouling.
Grand View Research has segmented the
global corrosion inhibitors market on the basis of product, application,
end-use and region:
Product Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
·
Organic
·
Inorganic
Application Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
·
Water based
·
Oil based
End-Use Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
·
Power generation
·
Oil & gas
·
Pulp & paper
·
Metal processing
·
Chemical processing
·
Others
Regional Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
